Gibraltar law firm Marrache & Co’s founding partners have been rearrested and the firm’s worldwide assets have been frozen amid further allegations of false accounting at the firm.
Brothers Solomon and Benjamin Marrache were arrested on 18 February following suspicions of false accounting relating to Can$5.6m (£3.44m) and e2.1m (£1.83m) of client money. They were charged and refused bail last Friday afternoon (19 February).
The brothers were first arrested and subsequently bailed on 9 February following charges of falsely accounting €1.8m of client monies (The Lawyer, 15 February). The jurisdiction’s Financial Services Commission cancelled their licences.
Isaac Marrache, who is a brother of Solomon and Benjamin, has also been suspended by Gibraltar’s local legal authority, although he has not been arrested or charged.
A civil suit has also been filed against Marrache & Co by T&T Trustees, a subsidiary of Gibraltar firm Triay & Triay, which is trying to recover e10m of client monies from the firm.
Triay has obtained a worldwide freezing order from the Supreme Court of Gibraltar on Marrache & Co’s assets and the three Marrache brothers. The court has also appointed provisional liquidators to protect the assets.